ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Inflation Targeting in Developing Countries

Barking Up the Wrong Tree

Building on the literature to construct a theoretical argument for the shape of the Phillips curve in the context of developing economies, this paper argues that a theoretical apparatus that may be valid for advanced countries will not apply to other nations that face structural problems. It tests the validity of the argument empirically in five south Asian developing economies - Bangladesh, India, Nepal, Pakistan and Sri Lanka - and finds that it stands up to scrutiny.

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